- “Major update” coming on Shiba Inu stokes investors as Shiba’s lead developer focus now turns to Shibarium, Shiba Inu’s Layer 2 protocol.
- Shiba Inu rallies over 56 percent in under a week reclaiming August prices as investors take aim at an 86.46 percent recovery to $0.000018.
Shiba Inu (SHIB) the world’s second-largest meme cryptocurrency by market capitalization is about to receive a major boost with the upcoming launch of Shibarium. On Saturday, Shytoshi Kusama, the lead developer of Shiba Inu hinted at launching the much-anticipated Shibarium soon, stoking the Shib-army who have remained risk averse due to the slump in SHIB prices.
“Head down working. Update coming soon and I think you will love it,” Kusama tweeted adding the “Shibarium” and “Shibareternity” hashtags.
Today, the developer tweeted that his “focus now turns to Shibarium” after finalizing the Shibaeternity 1000+ page players guide which will be released on November 2nd. Kusama’s tweets have garnered a lot of attention from the Shiba community with others guessing that the Shiba team would simultaneously release a gaming guide for Shiba Inu’s Collectible Card Game and Shibarium documentation.
The #ShibaEternity Player’s Guide came in at ~1100 pages with hundreds of hilarious cards, cutting-edge artwork, and a deep sci-fi lore. In my next blog I’ll explain whats happening behind the scenes and why my focus now turns to #Shibarium and other TREATs for the #ShibArmy. https://t.co/WMTwsOeX0X
— Shytoshi Kusama™ (@ShytoshiKusama) November 1, 2022
First proposed by Ryoshi-the creator of Shiba Inu, Shibarium is a layer-2 solution that will host the Shiba ecosystem to help accommodate the network’s expanding functionalities. High gas fees have constantly choked users, especially after the launch of Shiboshi NFTs given Shiba’s reliance on the Ethereum network. Moreover, this problem seems far from abating despite Ethereum’s transition to a proof-of-stake consensus network.
Shibarium is expected to lower transaction fees for those in the Shiba ecosystem drastically with an April blog post by Maziar Sadri, a product lead at Unification stating that transactions would be “approved in seconds for pennies”. In the past, Ryoshi has also indicated that Shibarium’s transaction fees will be minimum or even Zero. In a recent meeting on the Shiba Discord, the developer stated that “Shibarium will offer low fees for every service, game, or whatever that builds on it.”
Shibarium will also feature an advanced method of burning SHIB tokens, drastically reducing the number of coins in circulation-which is theoretically good for the price. Furthermore, apart from enabling creators to build on it, Shibarium could also act as a bridge for other ecosystems. Developers at Unification are currently working on deploying a Testnet aimed at the development of all the tools required for end-user interaction such as Wallets, Block Explorers, and token transfer bridges.
That said, however, an official release date for Shibarium is yet to be announced. Still, there is a high likelihood for it to be launched towards the end of 2022 borrowing from comments by Shiba’s Discord moderator Queenie in August.
Elsewhere, after rallying on the back of Dogecoin’s uplift last week, Shiba Inu seems to have slowed down. At press time, SHIB was trading at $0.00001287 after a 6.49 percent surge in the past 24 hours. In the past week, the canine-themed coin grew by as much as 56.62 percent before recoiling over the weekend.